EMBRACER GROUP ANNOUNCES RESTRUCTURING PROGRAM

[ 13 June 2023 ]

Embracer Group has announced a comprehensive restructuring program with immediate implementation. As part of the restructuring program, Phil Rogers has been appointed interim Chief Strategy Officer and will remain CEO of the operative group Crystal Dynamics Eidos and Matthew Karch has been appointed interim Chief Operating Officer.

Additional restructuring program components include the closure of studios and the termination of projects that have not yet been announced and with low projected returns, the consolidation of companies and businesses including a review of operative group structures, the reduction of investments into external development with greater focus on internal development based on owned or controlled IP and a renewed focus on Embracer Group's main business areas.

"Today we announce a comprehensive restructuring program that will enable us to realize untapped potential in Embracer Group and better optimize the use of our resources. Across the group, we are now initiating multiple actions to strengthen our cash flow generation and leverage our portfolio of IPs to become a stronger company and setting out on a stable future to build even greater games to the benefit of gamers and fans across the globe." says Lars Wingefors, CEO and co-founder of Embracer.

A presentation on Embracer Group's comprehensive restructuring program will be held in English by CEO Lars Wingefors, CFO and Deputy CEO Johan Ekstrom, interim Chief Operating Officer Matthew Karch and interim Chief Strategy Officer Phil Rogers at 10:00 CEST on June 13, 2023. See the official Embracer Group website for further information.

Embracer Group